VeChain inks blockchain deal for Chinese Gas Solution

Today Chinese enterprise blockchain company VeChain announced a deal for a liquified natural gas (LNG) management solution that will leverage the VeChainThor Blockchain. The partners are ENN Energy and state-owned Shanghai Gas.

The project aims to provide a quality assurance process for the different types of natural gas. For example, LNG energy potential is measured as gross calorific value (GCV) and measurements need to be taken for contaminants such as Hydrogen Sulphide and Carbon Dioxide.

Data is certified by a third party and uploaded to the blockchain. Once on the blockchain, the information will be tracked, shared and traded. The trading exchange is Greatgas.cn which is affiliated to ENN Energy.

In the pilot, ENN Energy will be responsible for the physical and business aspects of the project, and VeChain is providing blockchain technology and associated software services. Shanghai Gas’ role is to provide policy guidance and ensure the solution adheres to government mandates. Once the project is live, Shanghai Gas will help with national expansion.

About VeChain

On its website VeChain claims to be “the world’s leading blockchain platform offering Blockchain-as-a-Service to enterprises”. It started in China but set up a foundation in Singapore which managed its ICO. The token’s current market capitalization is more than $500m and ranks just behind ZCash at number 20 on the coinmarketcap list.